PantherTrade, a licensed virtual asset trading platform ( VATP ), is joining Hong Kong Monetary Authority's ( HKMA ) Project Ensemble as an industry pioneer.
The company, established and wholly owned by Nasdaq-listed fintech firm Futu Holdings, has completed a real-value tokenization use case that leverages tokenized deposits.
The use case directly connects tokenized deposits with a tokenized investment product. The deposits amounting to HK$1 million were used to purchase units in a tokenized money market fund ( TMMF ) managed by China Asset Management ( Hong Kong ) Limited ( ChinaAMC (HK ).
The trade was executed through secondary-market trading on PantherTrade's licensed VATP. Listed on PantherTrade, the TMMF is the world's first tokenized real-world asset ( RWA ) available to retail investors for 24/7 trading on a regulated VATP.
PantherTrade also coordinated the integration of tokenized deposit transfers with its trading and settlement processes.
Standard Chartered Bank ( Hong Kong ) Limited provided the tokenized deposit capabilities and CBDC digital clearing, enabling investors' deposits to be tokenized and transferred in real time across banks.
ChinaAMC ( HK ), as the manager of the TMMF authorized by the Securities and Futures Commission, provided the tokenized fund units available for 24/7 secondary-market trading on PantherTrade's platform.
A key benefit of the use case is its ability to support real-time investment transactions beyond traditional banking and fund-dealing hours. Tokenized deposits retain the full legal and prudential status of deposits held with an authorized institution, while supporting real-time transfers, potentially outside bank’s operating hours.
Combined with a TMMF that is available for trading around the clock on a licensed VATP, this enables investors to purchase tokenized fund units with tokenized deposits, with both payment and trade completed seamlessly in real time on regulated infrastructure.
"With Ensemble now upgraded to support 24/7 settlement of tokenized deposits, this use case has validated the end-to-end flow, from the transfer of tokenized deposits to the purchase of a tokenized fund on a licensed VATP, bringing Hong Kong one step closer to a true 24/7 economy,” says Sherry Zhu, global head of digital assets at Futu Group.
Project Ensemble is an HKMA-led initiative to support the development of the tokenization market in Hong Kong. Launched in November 2025, EnsembleTX is the pilot phase of Project Ensemble and supports real-value transactions involving tokenized deposits and digital assets. In November 2026, EnsembleTX has entered a new chapter to support the interbank settlement of tokenized deposit transactions in tokenized Central Bank Money ( CeBM ) on a 24/7 basis.
